Yuan investors weaken currencyBloombergThe yuan extended declines after breaching the 7 per US dollar level as concerns that the US Federal Reserve might deliver an outsized rate hike next week eclipsed a string of attempts from the People’s Bank of China (PBOC) to support the currency. People walk past the People’s Bank of China headquarters in Beijing on April 4, 2020. The gap between onshore yuan and the fixing stayed near 800 pips, which was the most since 2020. The yuan is at a 13-year high versus the South Korean won and 29-year high versus the Japanese yen. Moreover, the trade-weighted yuan has remained little changed since last month, a Bloomberg tracker of the CFETS Index showed.

Source: Taipei Times September 16, 2022 23:27 UTC